Senate Democrats unveiled a $1 trillion infrastructure plan Wednesday that would rollback the recently passed Republican tax cuts to pay for the improvements they argue are needed for the country.
The Senate Democrats’ Jobs & Infrastructure Plan for America’s Workers would invest a little more than $1 trillion into improving infrastructure in the United States, including setting aside $140 billion to repair roads and bridges, $115 billion to modernize water and sewer infrastructure and $50 billion to rebuild schools and $40 billion to improve airports and airspace.
The plan is not likely to go anywhere – especially with Democrats in the minority – as its funding relies on proposing reinstating the top income tax rate of 39.6%, reinstating the individual alternative minimum tax for the wealthiest Americans, reversing GOP cuts to the estate tax and raising the corporate tax income to 25%.
Senate Minority Leader Chuck Schumer slammed President Donald Trump’s infrastructure plan at a news conference announcing the proposal, arguing it’s a better plan.
“Our plan would do three things compared to the President. First, create many more jobs than the Trump plan. Second, build many more projects than the Trump plan,” Schumer said Wednesday. “And third, build the infrastructure America actually needs, not just what Republican donors and private investors can profit from.”
He continued: “We want to do it in a real way that actually produces results. Not the kind of proposal the President made which has gone over with a big thud.”
The White House has not immediately responded to CNN request for comment on Schumer’s critique of their plans.
The plan also sets aside $140 billion to ensure the solvency of the Highway Trust Fund for the next 10 years, $62 billion for neighborhood revitalization, lead remediation and affordable housing and $40 billion to provide universal high-speed internet.
The White House infrastructure outline released in February proposed turning $200 billion in federal money into $1.5 trillion for fixing America’s infrastructure by leveraging local and state tax dollars and private investment.
During the mews conference, Schumer was asked about Trump’s opposition to building a new rail tunnel, called the Gateway tunnel project, under the Hudson River between New York and New Jersey.
The White House infrastructure plan didn’t include funding for the project and Trump, a native New Yorker, has been pressing congressional Republicans to oppose the funding for the plan.
“Gateway is one of the very most important infrastructure programs in our country,” Schumer said. “If those two tunnels that are now under the Hudson River are no longer functional, there will be recession in the entire country, not just in New York, New Jersey, the Northeast corridor.”
The Gateway tunnel project – a collection of upgrades along a 10-mile span including the Hudson Tunnel – includes building a new rail tunnel under the Hudson River and rebuilding the existing deteriorating North River Tunnel that carries Amtrak trains every day between New Jersey and Penn Station.
It’s one project among many infrastructure priorities that have been in limbo under the Trump administration.
Schumer said the project is going to happen.
“From everything I hear, it’s all systems move ahead despite what the President had to say,” he said.
McConnell blasted the Democrats’ infrastructure plan on the Senate floor earlier Wednesday.
“It’s being reported that later today, my friends across the aisle will unveil a trillion-dollar spending plan and propose repealing tax reform to pay for it,” he said. “Repeal all these bonuses, pay raises, new jobs, and new investments? Talk about a non-starter.”
CNN’s Ted Barrett contributed to this report.